Hibs will move swiftly in search of a replacement for Alan Stubbs, with Stuart McCall and John Hughes heading the list of candidates.

Stubbs agreed terms on a three-year deal with Rotherham on Tuesday and the English Championship side hope to finalise compensation with Hibs - thought to be around £120,000 - in time to confirm their new manager's appointment on Wednesday.

Rotherham chairman Tony Stewart said: 'The compensation is the only thing left to sort out and I'm hoping that will be a formality.

Alan Stubbs has left Hibernian to become the new manager of Championship side Rotherham United

'We have agreed terms on a deal for three years and both sides are happy with what's what.

'We were granted permission to speak with Alan last night and there has been a meeting today.

'Hopefully Alan will sign tomorrow and we can hold a press conference to unveil him. That's the plan, we don't expect any obstacles, and Alan will be able to bring his No2 with him.'

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The Easter Road club are already working on narrowing down the list of potential successors to Stubbs who is leaving just days after securing Hibs' first Scottish Cup win in 114 years.

As Cup winners, the Edinburgh side don't kick off their Europa League campaign until the second qualifying round in mid-July – a fortnight later than both Aberdeen and Hearts - but are aware of the need to make an early appointment.

Scotland coach McCall worked with Hibs chief executive Leeann Dempster at Motherwell and is well thought of within the national team set-up, a fact that won't be lost on Easter Road chairman Rod Petrie in his role as SFA vice-president.

Rotherham needed to appoint a new boss after Neil Warnock decided not to extend his stay in Yorkshire

Former Hibs manager Hughes recently left Inverness after becoming increasingly frustrated that the club did not build on his own Scottish Cup success.

Speaking in Sportsmail on Tuesday, Hibs legend Pat Stanton insists that whoever gets the job must secure promotion back to the top flight.

'It's an attractive job, partly because of what Alan has done during his time here,' Stanton said. 'The prospect of managing Hibs will still be a big attraction for managers out there.

'But they're still in the Championship. When the new season kicks off, they'll still be in that lower league. So no one doubts that it's really vital to get back up. The longer you spend out of the top flight, it just feels wrong for a club the size of Hibs.'

Stubbs managed to deliver Hibs' first Scottish Cup for over 100 years during his time in charge of the club

Hibs have a history of going against the grain with managerial appointments in the past however and, despite of his failure at St Mirren, it is believed that former club captain and ex-Dumbarton manager Ian Murray has also thrown his hat in the ring. Alan Irvine, still No2 at Blackburn Rovers following manager Paul Lambert's departure, is another early contender.

Meanwhile, Hibs have handed out lifetime bans to supporters who caused havoc after the Scottish Cup Final – and have promised more to come as culprits are identified.

The club were roundly criticised for chairman Petrie's initially soft-touch response to scenes of utter mayhem, blaming 'exuberance' for Hibs fans attacking Rangers players, goading opposition supporters and tearing up the pitch in the aftermath of a historic Cup victory.

Stuart McCall is thought to be among the candidates who could replace Stubbs at Easter Road this summer

Since then, the Edinburgh outfit have made more stern condemnation for the affray – and are now beginning to punish those responsible.

Chief executive Dempster said on Tuesday that the 'good name' of Hibernian was at stake, with an official club statement revealing they had 'taken action against a number of supporters identified as being involved in incidents on the pitch at Hampden following the Scottish Cup Final'.

It added: 'Sanctions including life bans and indefinite bans have been imposed so far.

'While Police Scotland will continue with their own inquiries, we will continue to review what happened and take the action we think appropriate to protect the club's good name. We will also co-operate fully with the Independent Commission established by the SFA.

'We have initiated contact with the supporters informing them of our decision. We will continue to identify and impose appropriate sanctions against others involved in unacceptable behaviour.'